September 2023
Evolving with the needs of today’s workforce
Who could have predicted how much our lives would change, our norms would be challenged and the workplace transformed within a timespan of just three years? We’ve navigated hybrid work models, labor shortages, economic uncertainty and shifting employee priorities and expectations. But it seems just as we get it all figured out, new factors emerge that require us to recalibrate and readjust. So, how do we manage through this changing landscape and be prepared for what’s next?
We can help by providing timely insights into what employees need and want to thrive in the workplace. We also share perspectives from other plan sponsors who face the same challenges. Each year, we publish our Workplace Benefits Report to provide greater awareness and understanding of trends, gaps and opportunities we are seeing in workplaces across industries, among diverse employee populations.
This year’s Workplace Benefits Report can help inform decisions and inspire ideas for how employers can evolve their workplace programs to champion the needs of today’s workforce and stand out as an employer of choice.”
The 2023 Workplace Benefits Report identified six key trends to watch:
- Employees are stressed about their financial situations and their feelings of financial wellness hit an all-time low.
- Economic uncertainty is causing a shift in employees’ priorities.
- Different segments of the workforce may be struggling and could benefit from additional or specialized support.
- Employers may be underestimating the impact of caregiving on their workforce.
- There’s a risk that employees may be unprepared to pay for health care.
- The employment landscape continues to change with a range of factors influencing whether employees stay in their current position, leave or retire.
Key takeaways
- Go to the Workplace Benefits Report website to see report highlights and to download the full report.
- Register for our webcast taking place on October 18 to hear more about the findings and actions to consider.
- Talk with your Bank of America representative to discuss the implications of the study and develop strategies to support your workforce.
Bank of America Workplace Benefits Report, January 2023. Methodology: Escalent surveyed a national sample of 878 employees who are working full time and participate in 401(k) plans, and 798 employers who offer both a 401(k) plan and have sole or shared responsibility for decisions made in the plan. The survey was conducted between January 9 and February 1, 2023. To qualify for the survey, employees had to be current participants of a 401(k) plan, and employers had to offer a 401(k) plan option. Neither was required to work with Bank of America. Bank of America was not identified as the sponsor of the study. Bank of America Retirement and Personal Wealth Solutions helps employers and employees to take action and work toward their financial goals today and into retirement.
Bank of America Workplace Benefits Report Pulse Survey, June 2023. Methodology: Escalent surveyed a national sample of 454 employees who are working full time and participate in 401(k) plans. The survey was conducted between May 31 and June 21, 2023. To qualify for the survey, employees had to be current participants of a 401(k) plan. They weren’t required to work with Bank of America. Bank of America was not identified as the sponsor of the study. Bank of America Retirement and Personal Wealth Solutions helps employers and employees to take action and work toward their financial goals today and into retirement.
